Some key fundamentals are on the rise in Albuquerque, New Mexico's multifamily family sector, even as deliveries grow. Most notably, occupancy has shown its strength, as highlighted in a 2024 report from Colliers. The category improved by 1.8 percentage points from last year to 95.5 percent, which ranks the city 55th of the 150 top markets in the country and 15th among Western regions.
In addition, rents saw healthy growth in the fourth quarter, increasing 1.8 percent year-over-year. However, the rate is still significantly below Albuquerque's five-year average by 7.8 percent.
That comes as new deliveries for apartments hit 1,527 in 2024, increasing the inventory by 2.7 percent. Some 1,251 units were under construction at the end of the year, with 1,145 set to be finished in 2025.
Meanwhile, sales volume was down from just over $200 million in 2023 to about $100 million in 2024, according to a chart cited by Colliers from Yardi Matrix. The average sale price was nearly $150,000 in the city, below the national average of a little over $200,000.
Bascom Group was listed as the most active buyer in the region thanks to its two purchases (consisting of a total of 440 units) for $82 million. Dominium followed with just one purchase (288 units) for $22.8 million.
On the sales end, Sheiner Group made the largest deal by saying goodbye to 344 units for $68.4 million. ColRich Multifamily, and Leibowitz, Elliot were second and third with their $22.8 million and $13.6 million sales, respectively.
Some major developments set to finish in 2025 include 318-unit Encanto at Mesa del Sol and 248-unit Via Verde I. The finish dates are expected for March and December, respectively.
Colliers did not provide an outlook for Albuquerque's multifamily market.